Will I be able to run Oblivion at max settings?

YES

I can run oblivion on full getting arround 15-30 FPS with an evga 7900 gt
P4 550 (3.4 ghz) 2 GB DDR2 533 and an asus p4gd2 delux motherboard

it is all about the videocard when playing the game my cpu stays nice and cool. the game runs off the gpu

If you read through Toms different articles on graphics and/or Oblivion, they always refer to it as the computer killer. Its very difficult to run Oblivion at max settings and get a consistently decent framerate, especially if you plan on using a high resolution it will slow to a crawl when you're outdoors. I've sampled Oblivion on multiple different setups and situations and I opted to go to a lower resolution and increase the draw distance on the grass/trees/landscape to make it more realistic. The quality difference between the various resolutions is hard to notice and fairly minimal.

What resolution do you play oblivion at to get 15-30 fps?

IMHO, and I know this has been discussed before, anything under 40fps or so is unbearable. But thats just me, right?

Do any of you know what tweakguides.com is? If you read through it, you can make oblivion take advantage of dual core, shaders and other hardware components your computer has. Go through the guides tweaks and in about 10 minutes of going through the guide, your oblivion will run Perfectly.

BTY: Hyperthreading is one feature that oblivion by default does not take advantage of and by tweaking it, Oblivion will take advantage of it and this tweak has the most impact.

Indeed, I'm getting the 7900 GX, I currently have the 7300 LE which is great, but doesn't support to many graphics settings well such as HDR or AA but it fully supports bloom and pixel shaders and will run Oblivion at max settings, Oblivion just needs a lot of tweaking, that's all.

Try turning of settings that are too overwhelming for example, HDR Destroys my FPS so I turn it off and now I can increase viewing range, light shadows, bloom, AA, and many other nice things.

Many people do not mention the tweaking you must do to run at max settings, you don't need the top-dog alienware to get them, your ini file can be easily tweaked according to your system's abilities. Many other games don't do this so be glad oblivion does.

PS. ini tweaking can even expand how far you can see beyond default settings and also water detail, which objects reflect off of the water's surface and many things of that nature.

You don't need AA really at all, you can instead raise your games resolution settings to compoensate, that way, it's more detailed, more room, less memory, and can support HDR and I just found out about that new Geforce 7950 GXE or whatever it's called and I'm getting it instead. I have a Best Buy Reward Zone card which goes up 10$ a month until about Christmas (It was 180 in August and starting September and I am trading in my old graphics card to reduce price even more.

BTY, Best Buy may not have the best prices at first, but the more you buy, the greater discounts. Because my dad bought every electronic in the house there including the fridge, washer, and drier, we have huge bonuses, discounts and Reward Zone credit. My really great HP was discounted about a third in software, router, installation, and overall price. Also, Best Buy has great services and the Geek Squad is awsome. But if you have a problem, try to settle it out before calling them, they charge a lot of money unless you get a certain warranty. But they are the best overall.